Hong Kong builds a gold and yuan network that sidesteps dollar stablecoins

Stablecoins won over users by making money easier to move, long before the financial world agreed on what they meant. That helps explain the scale of USDT and USDC: they never had to replace the global reserve system to become powerful. They simply made dollars easier to move online, and crypto markets made the network effect impossible to ignore. On July 7, 2026, Beijing and Hong Kong unveiled a group of measures de…